# UBT (ProShares Ultra 20+ Year Treasury)

ProShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: UBT returned −16.6% where its own daily promise gave −16.2%, 0.4 points short.

## Key facts

- UBT, what TLT did: −8.3%, as of Sep 30, 2026.
- UBT, what 2 times a day gives: −16.2%, as of Sep 30, 2026.
- UBT, what the fund returned: −16.6%, as of Sep 30, 2026.
- UBT, the fund itself cost: −0.4 pts, as of Sep 30, 2026.
- UBT, net assets: $57m (issuer page, as of Sep 30, 2026).
- UBT, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## UBT over each window to Sep 30, 2026

| Window | Fund | TLT | +2x the move | Difference | TLT moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −10.3% | −5.4% | −10.8% | +0.4 pts | 10% |
| 3 months | −16.6% | −8.3% | −16.7% | +0.1 pts | 10% |
| 6 months | −17.5% | −8.1% | −16.2% | −1.3 pts | 9% |
| 1 year | −20.8% | −9.0% | −17.9% | −2.9 pts | 9% |
| 3 years | −18.9% | −0.4% | −0.9% | −18.1 pts | 13% |
| Since launch | −7.3% | +37.9% | +75.9% | −83.2 pts | 15% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of TLT, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.99 times, against +2 stated | ETFIQ |
| Underlying | TLT | ETFIQ |
| Segment | asset class, bond | ETFIQ |
| Net assets | $57m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Jan 21, 2010 | ETFIQ |
| Underlying volatility over the window | 10% annualized | ETFIQ |

## Questions

### Did UBT return +2 times TLT?

Over the window to Sep 30, 2026, TLT moved −8.3% and UBT returned −16.6%. 2 times that move is −16.7%, so the fund came out 0.1 points ahead of it.

### Why does UBT not return +2 times over a year?

Because it resets daily. UBT aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, UBT, data as of Sep 30, 2026. https://etfiq.com/funds/ubt
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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